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ChainLink is blockchain middleware that aims to connect smart contracts with real-time information from off-chain resources, for example, banks and stock exchanges. This allows smart contracts to access data feeds, application programming interfaces (APIs) and traditional bank payment systems that operate outside the blockchain infrastructure.
ChainLink’s ecosystem revolves around the LINK token and the LINK network. How do LINK tokens work and how can you buy or trade them in Canada? Read on to find out.
LINK tokens are available on a number of cryptocurrency exchanges around the world, such as the following:
There are many exchanges that let you buy LINK tokens directly with fiat currency (CAD, for example). You can also buy cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) and then trade that currency for LINK tokens. The basic process you’ll need to follow is outlined below:
You’ll need to provide your name, email address, phone number and proof of ID to register for an account. It’s also a good idea to setup two-factor authentication to provide an extra level of security.
The process you’ll have to follow to deposit funds into your account varies depending on the cryptocurrency exchange you choose. For example, Binance users can click on “Funds” and then “Deposit” in the menu at the top right of the screen.
The last step is to buy LINK with fiat, or to exchange BTC or ETH for LINK, on your chosen exchange. Once again, the process varies depending on the exchange you choose, but when trading on Binance you’ll need to do the following:
Find the currency pair you want, such as LINK/ETH. Enter the amount of LINK you want to buy in the box provided and choose the best available market price or your own limit. You can then review the total cost of the transaction and if you’re happy to proceed, click “Buy LINK”.
ChainLink coins are ERC20 tokens that exist on the Ethereum network. As a result, they can be stored on any Ethereum-friendly wallet, such as the following:
Launched in 2017, ChainLink is an intermediate blockchain that aims to connect blockchains with other off-chain applications. One drawback of smart contracts is that since they’re based on information secured on a blockchain and because of the way miners reach consensus around blockchain-based transaction data, they can’t interact with external resources such as data feeds and payment systems.
Smart contracts are self-executing contracts executed on decentralized infrastructures and with the terms of the agreement written into cryptographic code. Since they exist on decentralized networks, such as a blockchain, smart contracts cannot be altered and therefore create a relationship that doesn’t rely on trust.
ChainLink acts as a fully decentralized oracle network to help connect smart contracts with external resources, off-chain payments and APIs. The potential applications for this are many and varied, and include connecting smart contracts with all manner of essential information, such as the following:
For example, let’s assume that there’s an Ethereum smart contract that needs to make a payment through PayPal. There’s currently no compatibility between Ethereum and the PayPal API, which is where ChainLink comes in. By linking the smart contract with the PayPal API, it can ensure fast and secure payment.
Read our comprehensive guide to cryptocurrency margin trading, how it works and the benefits and risks you should consider before you start trading.
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